Oil Firms to Impose Mixed Oil Price Adjustment Next Week
PUMP PRICE ADJUSTMENT – The oil industry eyes a mixed oil price adjustment next week (November 8, 2022 – Tuesday).
Over the past few months, the prices of petroleum products play a very important role to the country’s economy. Pump price adjustment usually causes significant impact on prices of products and services in the country.
The consecutive oil price hike during the past few months contribute to the daily burden of Filipino people especially to those who were in public transport sector. Price rollbacks can somehow ease the struggles of Filipino drivers.
Various gasoline stations are expecting a mixed adjustment in prices of petroleum products including gasoline, diesel, and kerosene. Gasoline prices are expected to increase while diesel and kerosene prices will roll back.
Oil companies are expected to charge an additional amount of P1.10 to P1.30 per liter of gasoline. The prices of diesel might decrease by P0.50 to P0.70 per liter and P0.30 to P0.50 rollback per liter of kerosene.
According to oil industry experts, fuel prices are expected to increase in the coming months if OPEC+ countries continue to cut production. It may lead to a weakening peso against US dollars due to the higher interest rates in America.
However, the project price changes may still change. Oil firms usually make announcements every Monday and implement it on the following day.
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